Binance Joins Indian Tech Association That Helped Overturn Crypto Banking Ban

Binance and the Internet and Mobile Association of India (IAMAI) say they'll work to implement industry best practices in the Indian crypto market.

Jun 18, 2020 at 1:45 a.m. UTC
Updated Sep 14, 2021 at 8:53 a.m. UTC

Binance, the world's largest cryptocurrency exchange by trade volume, has joined the Indian tech industry association that helped overturn the nation's crypto banking ban earlier this year.

The cooperation between Binance and the Internet and Mobile Association of India (IAMAI) is an early step in implementing industry best practices in the Indian crypto market, according to a press statement. India's crypto sector has rapidly emerged after the lifting of a de facto ban in March 2020. Binance is now a member of the IAMAI's crypto committee.

The IAMAI is a not-for-profit trade body of digital businesses operating within the country. Its role is to "expand and enhance the online and mobile value-added services sectors," according to the body's website.

Notably, the IAMAI led the petition that sought to overturn a crypto banking ban imposed by the country's central bank in April 2018. The Supreme Court ruled in favor of the crypto industry in March 2020.

"We warmly welcome Binance as a member of the Crypto Asset Committee of IAMAI," Gaurav Chopra, vice president of IAMAI, said in a press release.

"Given their hands-on experience of regulatory compliance in various countries, we are excited to work with Binance and other industry players in developing a constructive policy framework for crypto assets in India, helping other exchanges operate in India compliantly and developing a strong framework to foster innovation while managing potential risks,” Chopra added.

IAMAI says it intends to work with regulators and policy-makers to build a sustainable policy framework for cryptocurrencies in India.

However, the announcement comes just days after rumors that India might be considering a new ban on crypto operations.

"Binance is honored and excited to join IAMAI and contribute our part in shaping the Indian blockchain industry for sustainable growth and development," said Binance CEO Changpeng "CZ" Zhao. "We hope to further accelerate the progress of blockchain adoption in India and are committed to working with IAMAI on an innovation-led and progressive framework for digital assets and blockchain."

Binance has been busy of late, announcing the launch of its services in the U.K. on Wednesday. Binance's U.K. exchange is expected to go live this summer.

Last November, Binance acquired Indian crypto exchange WazirX.

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